Moodys lowered the rating to below investment grade on their 'assumption of a high probability of coupon suspension ...as a result of the ongoing discussion between ING and the European Commission on its state aid package' Moodys now at Ba1 review negative for possible future downgrade.
I'm sure the 10X volume was the reason, but no idea who is trading those volumes. Now that I say that I'm gettin scared. About 10% of my IRA is in this, and I'd wouldn't mind buying more. Being up afterhours is a good sign IMO. Good luck.
ING profit slumps 96% on real-estate hits 2:12a ET August 12, 2009 (MarketWatch) PARIS (MarketWatch) -- ING Group said its second-quarter profit slumped 96% to 71 million euros ($100 million), or 3 eurocents a share, after losses from its ING Direct and real estate arms and a 73% drop in underlying insurance profit. ING recorded real estate losses of 584 million euros and also had 323 million euros of impairments on its Alt-A residential mortgage-backed securities. In addition to merging its Dutch retail bank operations and integrating its Dutch insurance activities, ING said it's currently reviewing additional strategic options to facilitate its continued transformation and repay the Dutch State for loss guarantees.